Petrobras plans to sell Argentina business but retain Texas refinery

Brazilian state-run energy giant Petrobras is in talks to sell off its Argentine unit as part of a $9.9 billion divestment plan, CEO Maria das Gracas Foster said. Petrobras, however, has taken its Pasadena Refining System, a refinery located in Pasadena, Texas, off the market.

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By JEFF FICK

RIO DE JANEIRO -- Brazilian state-run energy giant Petroleo
Brasileiro, or Petrobras, is in talks to sell off its Argentine
unit as part of a $9.9 billion divestment plan, CEO Maria das
Gracas Foster said Tuesday.

Speaking to reporters, Ms. Foster declined to provide any
additional details about the talks because of their sensitive
nature. Petrobras officials also declined to comment about
other assets that the company may have up for sale.

Petrobras, however, has taken its Pasadena Refining System, a refinery located in Pasadena, Texas,
off the market, Ms. Foster said. "Pasadena is no longer part of
the divestment plan," Ms. Foster said.

Dow Jones Newswires

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